Adani Energy Solutions shares could deliver multibagger returns from current levels
Adani Energy Solutions has had a muted run at the bourses so far this year. Still, the stock is all set to deliver multibagger returns from the current levels, according to analysts.
Brokerage house Cantor has initiated coverage on the company with an 'Overweight' rating and price target of Rs 2,251, implying an 129% upside on FY26 basis.
Cantor forecasted that company revenue would grow at a CAGR of 20% from FY24 to FY27E and the adjusted EBITDA would grow at a CAGR of 28.8%.
The brokerage has used relative valuation to value Adani Energy, with peers trading at an average CY25/FY26E EV/EBITDA multiple of 10.9x, which compares to the company that is trading at 12.8x.
On a growth adjusted basis, Cantor came up with a target price of Rs 2,251 being based on a 26.5x FY26 EV/EBITDA multiple.
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